7th Jun 2007 07:00
CANACCORD CAPITAL INC. DISCLOSES DIRECTOR'S DEALINGS Canaccord shares reserved under the Long Term Incentive Plan
VANCOUVER, June 7, 2007 - Canaccord Capital Inc. announces that its board of directors, at its meeting on June 5, 2007, approved the award of 475,168 restricted share units in lieu of cash compensation to employees of the Canaccord group as part of the Company's Long Term Incentive Plan (LTIP). Among the participants in this program is a director of the Company, Mark G. Maybank, who received 59,709 restricted share units in lieu of cash compensation. These awards are subject to the approval of the LTIP by the shareholders of the Company at its upcoming annual general meeting on August 2, 2007.
The LTIP is a new initiative by Canaccord, and participation at this point is voluntary. Under the LTIP, compensation to participating employees is deferred and awards of restricted share units which vest over three years are made. For employees in Canada (principally employees of Canaccord Capital Corporation), a key employee benefit trust (the "Trust") has been established, and either (a) the Company or Canaccord Capital Corporation will fund the trust with cash which will be used by a trustee to purchase on the open market common shares of the Company that will be held in trust by the trustee until restricted share units vest or (b) the Company will issue common shares from treasury to plan participants following vesting of restricted share units. For employees in the United States and the United Kingdom (principally employees of Canaccord Adams Inc. and Canaccord Adams Limited), at the time of each restricted share unit award, the Company will allot common shares and these shares will be issued from treasury at the time they vest for each participant. The shares issued as part of the LTIP will generally be offset by purchases under the Company's normal course issuer bid.
In connection with the awards made on June 5, the Company has therefore allotted 475,168 common shares of the Company for issuance on vesting and on receipt of $22.33 per share.
On full vesting of all his restricted share units, Mr. Maybank will receive a total of 59,709 common shares of the Company. At the election of the Company, these shares will either be transferred from the Trust or, on the payment to the Company by Mr. Maybank's employer (Canaccord Capital Corporation) of $22.33 per share, issued from treasury. Mr. Maybank now owns 273,223 common shares of the Company, representing 0.57% of the issued common shares of the Company.
ABOUT CANACCORD CAPITAL INC.:
Through its principal subsidiaries, Canaccord Capital Inc. is a leading independent, full-service investment dealer in Canada with capital markets operations in the United Kingdom and the United States of America. Canaccord is publicly traded on both the Toronto Stock Exchange and AIM, a market operated by the London Stock Exchange. Canaccord has operations in two of the principal segments of the securities industry: private client services and capital markets. Together, these operations offer a wide range of complementary investment products, brokerage services and investment banking services to Canaccord's private, institutional and corporate clients. Canaccord has approximately 1,590 employees worldwide in 30 offices, including 23 Private Client Services offices located across Canada. Canaccord Adams, the international capital markets division, has operations in Toronto, London, Boston, Vancouver, New York, Calgary, Montreal, San Francisco, Houston and Barbados.
FOR FURTHER INFORMATION, CONTACT:
North America Media:
Scott Davidson
Managing Director, Global Head of Marketing & Communications
Phone: 416-869-3875, email: [email protected]
For investor relations inquiries contact:
Katherine YoungVice President, Investor RelationsPhone: 604-643-7013,email: [email protected] London Media:Bobby Morse or Ben Willey
Buchanan Communications (London)
Phone: +44 (0) 207 466 5000, email: [email protected]
Nominated Adviser:Ben Money-Coutts
Managing Director, Bridgewell Limited
Phone: +44 (0) 207 003 3124, email: [email protected]
CANACCORD CAPITAL INC.Related Shares:
CF..L